Market Update for October
Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales metrics, recent low national numbers have not fulfilled what many predicted. But on a positive note, jobless claims have also been at low levels, coming in as the lowest number since 1973. As always, every market and situation is unique, so some numbers seen in national trends may not always line up with local markets.
New Listings were down 3.7 percent for Single Family homes but increased 0.4 percent for Townhouse-Condo properties. Pending Sales increased 23.4 percent for Single Family homes and 23.1 percent for Townhouse-Condo properties.
The Median Sales Price was up 3.0 percent to $582,000 for Single Family homes and 7.4 percent to $379,500 for Townhouse-Condo properties. Months Supply of Inventory decreased 31.6 percent for Single Family units and 37.1 percent for Townhouse-Condo units.
Interest rates are an area to pay attention to as rate hikes are widely expected before the year ends. The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike. Although we are headed into a slower time of year, as housing activity goes, there are still many nuggets of optimism to mine from monthly figures.